Lidström was the first European-born-and-trained captain of a Stanley Cup-winning team, as well as the first European player named playoff MVP.

Lidström scored 60 points in his rookie season, finishing second to Pavel Bure in voting for that year's Calder Trophy.

He was selected to the 1992 NHL All-Rookie Team, along with fellow Red Wings defenceman Vladimir Konstantinov.

However, due to the new terms of the NHL Collective Bargaining Agreement that was implemented during the 2004–05 season, salaries on pre-existing contracts were reduced by 24%, which lowered his compensation to $7.6 million.

On 30 June 2006, it was announced that Lidström had signed a two-year, $15.2 million contract extension with the Red Wings.

Instead of seeking more money elsewhere, Lidström decided to remain with Detroit for the same annual salary as he earned during the 2005–06 season.

In his first year of captaincy, Lidström led the Red Wings to the Western Conference Finals, but lost to eventual Stanley Cup champions, the Anaheim Ducks.

In the off-season, Lidström joined an elite group by capturing the Norris Trophy as the NHL's outstanding defenceman for the fifth time.

Lidström became the fourth defenceman in NHL history with as many as five Norris Trophy wins, joining Hockey Hall of Famers Bobby Orr (eight), Doug Harvey (seven) and Ray Bourque (five).

Near the beginning of the 2007–08 season, in an 8 October win against the Edmonton Oilers, Lidström registered two assists to surpass Peter Forsberg as the second-highest scoring Swedish-born NHL player of all-time.

[12] Entering the playoffs as Presidents' Trophy winners for the highest team point total during the regular season, the Red Wings met the Pittsburgh Penguins in the 2008 Stanley Cup Finals.

However, in the midst of dealing with tendinitis that had been bothering him all season, Lidström chose to sit out All-Star weekend, along with teammate Pavel Datsyuk.

He is the fourth player to score 1,000 points as a Red Wing (after Gordie Howe, Alex Delvecchio and Steve Yzerman), and the eighth defenceman to do so in the history of the NHL.

On 23 April, Lidström played in his 237th career playoff game, moving past Mark Messier into sole possession of third place on the NHL's all-time list (Chris Chelios, 266; Patrick Roy, 247).

[25] On 15 December 2010, Lidström recorded his first career hat-trick, at 40 years of age, against the St. Louis Blues, sealing a 5–2 Detroit victory.

[26] On 18 January 2011, Lidström was named a team captain in the 2011 NHL All-Star Game in Raleigh, North Carolina.

On 20 June 2011, after briefly contemplating retirement yet again, Lidström signed a one-year contract worth $6.2 million with Detroit, the same amount he had been paid the previous season.

In this regard, Lidström joins former Red Wings Alex Delvecchio and Steve Yzerman as the only three players with over 1,500 games having played exclusively for just one team throughout their careers.

On 31 May 2012, Lidström announced his retirement from the NHL via a press conference with Red Wings Owner Mike Ilitch and General Manager Ken Holland present.

The night before, he told the Swedish tabloid Expressen, "I came to the decision last week and I informed our general manager, Ken Holland.

"[28] The following weekend, on 3 June 2012, Lidström and his wife took out a full-page ad giving thanks to the city of Detroit for making his family feel at home for the past 21 years.

[32] The Red Wings officially retired his number on 6 March 2014, in a pre-game ceremony at Joe Louis Arena.

Prior to his rookie season with the Red Wings, he earned his first gold medal with Sweden at the 1991 World Championships.

In October 2019, Lidström released his authorized biography in North America titled Nicklas Lidstrom: The Pursuit of Perfection.